Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

<ul>
<li>Elan is positioned to win from a coming PC upgrade cycle, which has been indicated by companies such as Micron, Microsoft, Intel, and Asustek among others.</li>
<li>Elan is one of the institutionally most-underheld shares in our universe based on our analysis. Windows 11 adoption has been rising and will accelerate with a PC upgrade cycle.</li>
<li>We've updated our Elan model, we continue to rate the shares Outperform and have a NT$142 target price. Moreover, the stock's past all time remains 65% above current share price.</li>
</ul>


Elan is positioned to win from a coming PC upgrade cycle, which has been indicated by companies such as Micron, Microsoft, Intel, and Asustek among others.
Elan is one of the institutionally most-underheld shares in our universe based on our analysis. Windows 11 adoption has been rising and will accelerate with a PC upgrade cycle.
We've updated our Elan model, we continue to rate the shares Outperform and have a NT$142 target price. Moreover, the stock's past all time remains 65% above current share price.


Elan Microelectronics: Positioned to Win from PC Upgrade Cycle; Massively Underheld by Institutions

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>U.S. has announced new bans on PE and VC investment into key Chinese tech industries.</li>
<li>Elan Microelectronics, ChipMOS reported good results, two longs to consider as we still see upside.</li>
<li>Apple earnings short-term trades update -- We're closing out both trades, one at a loss and one roughly flat.</li>
</ul>


U.S. has announced new bans on PE and VC investment into key Chinese tech industries.
Elan Microelectronics, ChipMOS reported good results, two longs to consider as we still see upside.
Apple earnings short-term trades update -- We're closing out both trades, one at a loss and one roughly flat.


Taiwan Tech Weekly: U.S. Announces New Bans on Investment into Chinese High Tech Industries

<ul>
<li>Wave of earnings this week -- AMD, Qualcomm, Apple internationally... and Delta, Advantech, Innolux, Winbond, Realtek, plus others in Taiwan.</li>
<li>We visited Micron’s A3 fab in Taiwan; SK Hynix gives strongest comments yet on Memory turn-around; Long Nanya Tech on DRAM turn-around.</li>
<li>Intel results readthrough: PC cycle improving and could be accelerated by AI-demand... We continue to see Elan Micro as a laggard play on rallying PC names.</li>
</ul>


Wave of earnings this week -- AMD, Qualcomm, Apple internationally... and Delta, Advantech, Innolux, Winbond, Realtek, plus others in Taiwan.
We visited Micron’s A3 fab in Taiwan; SK Hynix gives strongest comments yet on Memory turn-around; Long Nanya Tech on DRAM turn-around.
Intel results readthrough: PC cycle improving and could be accelerated by AI-demand... We continue to see Elan Micro as a laggard play on rallying PC names.


Taiwan Tech Weekly: Wave of Taiwan Earnings Plus AMD & Apple; AI Accelerating DRAM & PC Recovery

<ul>
<li>Intel's latest results imply a potential bottoming of its business &amp; nascent turn-around; however the greater take-away is that the PC industry is heading into a major AI-driven up-cycle.</li>
<li>PC industry inventories are now "healthy" and Intel's Client Computing segment (PCs) showed the strongest QoQ revenue growth. Management is guiding for continued improvement next quarter.</li>
<li>Edge AI will drive a major upgrade cycle for PCs worldwide and Intel's new Meteor Lake chip could be a catalyst. Invest ahead of AI PCs having their "ChatGPT Moment".</li>
</ul>


Intel's latest results imply a potential bottoming of its business &amp; nascent turn-around; however the greater take-away is that the PC industry is heading into a major AI-driven up-cycle.
PC industry inventories are now "healthy" and Intel's Client Computing segment (PCs) showed the strongest QoQ revenue growth. Management is guiding for continued improvement next quarter.
Edge AI will drive a major upgrade cycle for PCs worldwide and Intel's new Meteor Lake chip could be a catalyst. Invest ahead of AI PCs having their "ChatGPT Moment".


Intel Results #1 Take-Away: Major Readthrough for PC Upgrade Cycle and Edge AI

<ul>
<li>We had a call with ChipMOS management about their latest long-term R&amp;D efforts and drivers. </li>
<li>We see many of the company's key clients' businesses turning a corner, hence see these developments likely to benefit ChipMOS.</li>
<li>The company will be reporting earnings on August 3rd, we have an Outperform rating for the shares. Could see some continued margin weakness, however we believe forward outlook is improving.</li>
</ul>


We had a call with ChipMOS management about their latest long-term R&amp;D efforts and drivers. 
We see many of the company's key clients' businesses turning a corner, hence see these developments likely to benefit ChipMOS.
The company will be reporting earnings on August 3rd, we have an Outperform rating for the shares. Could see some continued margin weakness, however we believe forward outlook is improving.


ChipMOS: Results Ahead & Key Clients for Display and Memory Signal a Turn Around Is Happening

Taiwan

Elan Microelectronics Corp. designs, manufactures, and markets integrated circuits (ICs).  The Company's product lines include telecom line, consumer electronic line, microcontroller line, personal computer (PC) peripheral line, and memory line.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Elan Microelectronics (2458 TT)

Elan Microelectronics: Positioned to Win from PC Upgrade Cycle; Massively Underheld by Institutions

Elan is one of the institutionally most-underheld shares in our universe based on our analysis. Windows 11 adoption and touch usage for PCs has...

Vincent Fernando, CFA

Taiwan Tech Weekly: U.S. Announces New Bans on Investment into Chinese High Tech Industries

Also, Elan Microelectronics and ChipMOS reported strong results. The two companies represent two Longs to consider, we still see upside.

Vincent Fernando, CFA

Taiwan Tech Weekly: Wave of Taiwan Earnings Plus AMD & Apple; AI Accelerating DRAM & PC Recovery

Wave of Taiwan earnings this week with Delta, Advantech, Innolux, Winbond, Realtek, Elan, ChipMOS plus others in Taiwan. Also -- We visited...

Vincent Fernando, CFA

Intel Results #1 Take-Away: Major Readthrough for PC Upgrade Cycle and Edge AI

Edge AI will drive a major upgrade cycle for PCs worldwide -- We recommend getting ahead of PC's having their "ChatGPT Moment".

Vincent Fernando, CFA

ChipMOS: Results Ahead & Key Clients for Display and Memory Signal a Turn Around Is Happening

We had a call with ChipMOS management about the company's latest long-term research efforts and drivers. The shares appear well supported into an...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)